"The scale of the backlog was 'extraordinary' and the uncertainty surrounding the more complex tranche of claims would do little to reassure small and mid-sized businesses that had counted on a swift resolution once the US Supreme Court struck down the tariffs imposed under the International Emergency Economic Powers Act (IEEPA)."
"'Many of these remaining cases are classed as final tariffs because the goods concerned will have entered the US more than a year before the refund claim is filed. In such instances the claims procedure is going to be considerably more involved.'"
"'We are unlikely to hear anything further until government officials next appear before the Court of International Trade to deliver their next mandated progress report.'"
"'Blick Rothenberg estimates that around 53 million unlawful tariff collection transactions were processed during the period in question, with the total refund bill potentially reaching $166 billion.'"
British SMEs with transatlantic trade links are facing a prolonged wait to recover wrongly collected tariffs from the US. The new online refund portal, CAPE, will only process 63% of claims, leaving 37% without a timeline. This uncertainty is concerning for importers who have been financially impacted for nearly two years. The backlog is significant, with around 53 million unlawful tariff transactions estimated, potentially leading to a refund bill of $166 billion. Many claims are complex and will take longer to resolve.
Read at Business Matters
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